Selling or partnering your road haulage company in France: costs, driver shortage, energy transition and consolidation

For decades, a road haulage company was handed on within the family: the son or daughter took over the trucks, customers and drivers. Without a successor, a peer in the department bought the business. This model still exists, but it faces a new reality. Non-fuel costs are rising faster than inflation, drivers are scarce and ageing, low-emission vehicles cost far more than a diesel tractor, and shippers demand information systems, carbon commitments and national coverage. At the same time, regional and national groups, sometimes backed by investment funds, are buying mid-sized hauliers. For the owner of an SME with 20 to 200 vehicles, the buyers, timing and preparation of a sale have changed.

A sector worth more than €60 billion, dominated by SMEs

Road freight and removals generated €62.1 billion in revenue in 2023 for €21.5 billion of value added, according to the transport key figures published by the ministry in April 2026. ¹ According to the ministry's statistics service SDES, domestic road transport by heavy goods vehicles reached 296.6 billion tonne-kilometres in 2024, up 3.5% year on year; French-registered hauliers carried 168.2 billion, up 2.5%, 85% of it for hire or reward; tractors under six years old carry out nearly 72% of this activity. ^2,3 French-registered hauliers, however, carry only just over 54% of domestic road transport. ² Early 2026 shows a slowdown: French-registered activity fell 1.1% in the first quarter, its lowest level since late 2023 according to SDES. ⁴

The national logistics observatory counted 1.75 million employees in logistics at the end of 2024, up 11% since 2019, and 3,900 warehouses over 10,000 m². ⁵ The business fabric remains atomised, overwhelmingly made up of very small companies, and the same observatory counted 1,959 failures in road freight in 2024, 50% more than in 2019. ⁵ This fragility is the other face of a market whose volumes are holding up.

The drivers of consolidation

Several factors are pushing independent hauliers to combine or join a group.

Continuously rising costs. The national road committee CNR measured non-fuel cost inflation of 2.4% in 2025, 7.7% over two years, and expects another 2.4% in 2026. ⁶ Insurance rose 6.1% in 2025 and equipment more than 4%. ⁶ Driving staff account for 29% of the cost of a long-distance articulated truck to 41% of a regional rigid truck. ⁶ Passing on these increases requires bargaining power small companies do not have facing large shippers.
The shortage and ageing of drivers. In road freight, 41% of employees are over 50 and only 12% of drivers are under 30; two driver hires in three were considered difficult in 2024. ⁵ At European level, federations cite 233,000 vacancies in 2023, 745,000 expected in 2028, and an average age of 47. ⁷ Groups attract and retain better: recent trucks, organised schedules, in-house training.
The energy transition of fleets. At the end of 2024, diesel still accounted for 97% of the heavy goods vehicle fleet, against 8,331 gas vehicles and 1,277 electric, up 73% in a year. ⁵ Low-emission zones, shippers' carbon commitments and the European emissions reduction trajectory require investments only well-capitalised companies can spread out. A thirty-vehicle haulier struggles to finance electric tractors and the charging points that go with them alone.
Shipper demands, technology and e-commerce. Real-time tracking, IT interfaces, transport management systems (TMS), route optimisation, carbon reporting, last mile, mechanised warehouses: shippers concentrate their purchasing on providers able to cover several regions and trades, and these tools favour those able to invest. E-commerce has reinforced this trend.
Flow density and specialisation. Combining two neighbouring networks reduces empty running and improves load factors, which is often worth more than any overhead saving. At the same time, temperature-controlled, dangerous goods, healthcare, bulk, abnormal loads or urban last mile require specific equipment, skills and authorisations that create barriers to entry and make specialists sought after.
Owner demographics and fragile cash positions. Many founders from the 1980s and 1990s are reaching retirement without a family successor. Failures hit micro-businesses first, but also long-established firms: in spring 2026, Pedretti Distribution, with 390 employees, found no buyer after receivership, and Ziegler France was placed in liquidation with nearly 1,500 employees affected. ⁸ Waiting too long means risking a forced sale.

Who buys hauliers today

Access to the profession remains regulated: registration on the transport register, professional competence of the transport manager, financial capacity proportional to the number of vehicles, good repute. A sale requires checking that the buyer will meet these conditions and managing the transfer of licences, contracts, leases and equipment financing, often under finance leases. Four buyer profiles stand out.

National and European transport and logistics groups. They buy regional SMEs to densify their network, gain drivers and customers, and add a specialist trade: refrigerated, tanker, parcels, contract logistics. Buying an established company costs them less than opening a branch and filling it.
Growing family regional groups and mid-caps. A haulier with 300 to 1,000 vehicles wanting to cover a neighbouring department, strengthen a route or add warehousing is often the most natural buyer of a 50-vehicle company.
Fund-backed platforms. Funds have taken stakes in transport and logistics groups to pursue a buy-and-build strategy: build a multi-regional group or one specialised in a niche, pool purchasing and IT, then sell it within five to seven years.
Integrated logistics providers, freight forwarders and manufacturers. Logistics providers and freight forwarders want to add traction capacity to their warehousing or transport organisation activities and secure their subcontractors; some manufacturers take over a provider for which they represent a large share of revenue.

What this changes for the owner

There is no longer a single path to succession, but several.

A full sale suits an owner close to retirement, with a transition of six months to two years to introduce customers and teams to the buyer.
A partnership with reinvestment is for an owner, whatever their age, who still has several years of activity ahead: they sell a majority of the shares to a group, reinvest part of the price in the acquisition holding and share in the value created at the next transaction.
A combination between peers creates an independent regional player, pools purchasing, workshop and IT, and carries more weight with shippers.
A capital reorganisation such as an OBO lets the founder monetise part of their shares, financed by debt, and bring their operations director or children into the capital.

Whatever the structure, buyers look at the same things, and always link revenue to the quality of the network and the profitability of flows: a large contract is only valuable if its price genuinely reflects the kilometres, constraints and costs it generates.

Customers and contracts. Revenue split between shippers, length of relationships, share of contracted flows and quality of indexation clauses, fuel and non-fuel, are analysed first.
Profitability by route, customer and vehicle. A detailed reading of costs avoids hiding loss-making flows in an overall result and shows that cost increases have indeed been passed on.
The fleet and its financing. Fleet age, ownership, finance lease or rental, maintenance condition, accident record and renewal schedule determine the investment the buyer will have to commit, notably for the energy transition.
Drivers and operations. Driver tenure and stability, absenteeism, recruitment capacity, subcontracting rate and the autonomy of the operations team determine availability and continuity of service after the deal.
Specialties and authorisations. Approvals, certifications and equipment specific to a niche (refrigerated, dangerous goods, healthcare, abnormal loads) are barriers to entry and strong complementarities for a buyer.
Compliance and cash. Driving times, social regulation, register and financial capacity, payment terms and cash levels are scrutinised, in a sector where failures have risen sharply.
Property assets and real profitability. Ownership or lease of depots and warehouses, then actual margin once the owner's pay is normalised and exceptional items adjusted, form the basis for discussion.

You are thinking of selling: is this the right moment for you?

This is the first question we ask, and the answer is not the same for everyone. The right moment for a sale or partnership is never automatically "right now", even in a market where groups and funds are looking for targets. It depends on two things: you, meaning your life plans, personal horizon and wealth objectives, and your company, meaning its ability to realise today all the value it holds. We encounter two situations.

Your company is almost ready. The customer portfolio is diversified and part of the flows is contracted, the fleet is recent, drivers are stable, operations run with an autonomous team and profitability is readable. Or you want your company to become part of a larger project, that of a large group, often under LBO, that brings the tools, expertise and resources to finance the fleet transition, which is reassuring for you and for your teams. In this case, a few weeks of preparation are enough to go to market. The current context, with more buyers than ever, then works in your favour.
Your company needs time. One customer represents more than a third of revenue and is renegotiating its rates, margin was hit by a cost increase not passed on, the fleet is reaching end of life without a renewal plan, or an inspection revealed discrepancies on driving times. Selling remains possible, but it means accepting a discount and less favourable terms. We will then tell you frankly that it is better to spend several months, sometimes a few years, working on these points, and we can support you through that phase before launching the transaction when you are truly ready.

The workstreams that make the difference in transport are well known: diversify customers and contract the main flows with indexation clauses, rebuild margin by customer, activity and depot to drop loss-making flows, document kilometres and fleet utilisation, plan fleet renewal, retain drivers and structure operations, prepare social data, claims and information systems as carefully as the accounts, make social compliance beyond reproach, and normalise the owner's pay. A large-scale vehicle renewal or the renegotiation of a major contract is often the decision point: invest alone or join a group that has the means. Depending on your starting point, these workstreams take a few weeks or a few years.

The benefit of talking early, even without being sure you want to sell, is knowing which of these two situations you are in, and deciding with full knowledge rather than under the pressure of a lost tender, drivers leaving or a fleet renewal deadline.

Facing groups that complete several acquisitions a year with dedicated teams, a haulier negotiating alone is rarely on an equal footing. The value of a transport company is not just a headline price: it depends on the deal structure (cash portion, earn-out linked to customer retention, reinvestment), the treatment of finance leases and cash, the warranties, the future of drivers and depots, and your role during the transition. Two offers for the same amount can mean very different things.

The role of an independent M&A adviser is to value the company objectively, identify all relevant buyers, national groups, regional peers, fund-backed platforms, logistics providers and manufacturers, put them in competition in a structured and confidential process, and negotiate terms beyond price alone. This competition protects the seller.

Frequently asked questions

How does the sale of a road haulage company work?

The sale of a transport company begins with preparing a file presenting customers, flows, margin by activity, the fleet and its financing, drivers and regulatory compliance. An adviser then confidentially approaches groups, peers, logistics providers and platforms likely to be interested, gathers offers, organises due diligence and negotiates the agreement. Between preparation and signing, allow six to nine months in general.

Who buys transport and logistics companies today?

National and European transport groups densifying their network or adding a specialty, family regional groups and mid-caps wanting to cover a neighbouring department, fund-backed platforms pursuing consolidation strategies, and logistics providers, freight forwarders or manufacturers wanting to internalise traction capacity.

Is an authorisation needed to take over a road freight company?

Capital ownership is free, including for a fund, but the activity remains regulated: registration on the transport register, a transport manager holding the certificate of professional competence, financial capacity proportional to the number of vehicles and good repute. In a sale, you must check that the buyer will meet these conditions and organise the transfer of licences, finance leases, property leases and customer contracts.

Can you sell your transport company and keep running it?

Yes. A partnership with reinvestment lets the owner sell a majority of the shares to a group or platform, reinvest part of the price in the acquisition holding and stay at the helm to continue growing, sharing in the value created at the next transaction.

Is a recent fleet enough to sell your transport company well?

No. A recent fleet reduces the buyer's investment needs and eases driver recruitment, but it is the profitability of flows, the diversity and contracting of customers, driver stability and social compliance that make the difference. A recent fleet financed by heavy finance leases can even weigh on the price if the flows it carries are not profitable.

When should you start preparing the sale of your transport company?

Ideally two to three years before the target date, to have time to diversify customers, add indexation clauses to contracts, rebuild margin by customer and activity, plan fleet renewal and stabilise operations. A large-scale vehicle renewal is often the right moment to ask the question.

What interests a buyer most in a transport SME?

A specialty or niche that is hard to reproduce, a regional presence that complements its network and reduces empty running, recurring customers under indexed contracts, pricing discipline that has allowed cost increases to be passed on, and a stable team of drivers and operators.

Why put several buyers in competition to sell your transport company?

Because the groups approaching hauliers directly complete several acquisitions a year and know market prices and clauses. A confidential process bringing together several candidates allows prices to be compared, but also the cash portion, the earn-out linked to customer retention, the treatment of finance leases and cash, warranties, the future of drivers and depots and your role during the transition.

Public sources consulted

SDES, ministère de la Transition écologique, Chiffres clés des transports, édition 2026, fiche Entreprises de transport routier (avril 2026) : https://www.statistiques.developpement-durable.gouv.fr/edition-numerique/chiffres-cles-transports/fr/8-entreprises-de-transport-routier (high reliability)
SDES, ministère de la Transition écologique, Chiffres clés des transports, édition 2026, fiche Transport routier de marchandises (avril 2026) : https://www.statistiques.developpement-durable.gouv.fr/edition-numerique/chiffres-cles-transports/fr/22-transport-routier-de-marchandises- (high reliability)
SDES, Le transport routier intérieur de marchandises du pavillon français en 2024 (26 novembre 2025) : https://www.statistiques.developpement-durable.gouv.fr/le-transport-routier-interieur-de-marchandises-du-pavillon-francais-en-2024 (high reliability)
SDES, ministère de la Transition écologique, Activité du transport routier de marchandises au premier trimestre 2026 (7 juillet 2026) : https://www.statistiques.developpement-durable.gouv.fr/activite-du-transport-routier-de-marchandises-au-premier-trimestre-2026 (high reliability)
Observatoire national de la logistique (Université Gustave Eiffel, SPLOTT), Tableau de bord national de la logistique, édition 2025, cahier de synthèse (données 2024) : https://splott.univ-gustave-eiffel.fr/fileadmin/redaction/SPLOTT/documents/divers/1_Edition_2025__Tableau_de_bord_national_de_la_logistique_-_Cahier_de_synthese_du_tableau_de_bord.pdf (high reliability)
Comité national routier, Évolutions des coûts du TRM, bilan 2025 et perspectives 2026 (conjoncture arrêtée au 30 octobre 2025) : https://www.cnr.fr/download/file/publications/CNR%20-%20Evolutions%20des%20cou%CC%82ts%20du%20TRM%20-%20Bilan%202025%20et%20perspectives%202026.pdf (high reliability)
FNTR, BGL et NLA, Manifeste pour le transport routier de marchandises, législature européenne 2024-2029 (mai 2024) : https://www.fntr.fr/sites/default/files/2024-05/Manifeste-V-FR-060524.pdf (good reliability)
Trans.info, Faillites dans le transport en France : Ziegler, Pedretti, la crise s'installe (15 avril 2026) : https://trans.info/fr/faillites-transport-france-2026-ziegler-pedretti-crise-468940 (good reliability)